But when the smoke from the IPO clears you can also expect a change in the company's strategy. The filing reveals that the new-found REIT will also be on course to become a mid- to long-term holder of assets.

"We plan to grow our business by continuing our existing lending business and expanding our investments in other areas of the net-lease real estate marketplace," the filing states. "For example, we intend to acquire directly net-lease real estate properties, including existing properties subject to long-term leases, as well as acquire newly developed properties indirectly through joint-venture development activities. In addition, we intend to increase our ownership of real estate securities, primarily securities collateralized by net-lease assets.

"Second, we plan to hold on our balance sheet the loans and other net-lease assets we originate or acquire in our portfolio generally for the medium to long term," the statement continues. "Specifically, we expect to finance our assets through short-term financing and, as soon as practicable thereafter, finance these assets on a secured long-term basis, most often through collateralized debt obligations but also through warehouse financing, traditional mortgage debt, and other debt mechanisms."

CapLease is currently owned by chairman Lewis S. Ranieri, Hyperion Partners; an investment fund of which Ranieri is a control person; an affiliate of Wachovia Bank, NA; and the firm's own management.